Risk Disclosure & Fees

This document is published by [Company Legal Name], registered at [Registered Address] ("glow", "we", "us" or "our"). It applies to everyone who uses the website at https://www.glowlink.fun and any related interface, API or on-chain program that we operate (together, the "Platform").

This document forms part of our Terms of Service and should be read together with them and with our Privacy Policy. As set out in Section 1.3 of the Terms of Service, if this document conflicts with the Terms of Service on a topic this document covers, this document applies to that topic; in every other case the Terms of Service apply. Governing law and dispute resolution are as set out in the Terms of Service ([Governing Law Jurisdiction] law; arbitration in [Arbitration Venue]).

• Part 1 (Risk Disclosure) describes the main risks of using the Platform. It is not a complete list.
• Part 2 (Fee Schedule) lists every fee charged when you use the Platform.

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Part 1: Risk Disclosure

IMPORTANT: TOKENS CREATED ON THE PLATFORM ARE HIGHLY SPECULATIVE MEMECOINS. THEY HAVE NO UTILITY, GIVE YOU NO RIGHTS AND CARRY NO PROMISE OF VALUE. MOST LOSE ALL OR NEARLY ALL OF THEIR VALUE. DO NOT BUY ANY TOKEN WITH MONEY YOU CANNOT AFFORD TO LOSE IN FULL. GLOW DOES NOT GIVE INVESTMENT, LEGAL OR TAX ADVICE.

1. About this Risk Disclosure

1.1 This Part explains the main risks of launching, buying, selling, holding, claiming or declining Tokens, and of the fee arrangements attached to them. It does not cover every possible risk, and new risks may appear that we cannot foresee.

1.2 You should read this Part before you use the Platform. If you do not understand a risk described here, do not use the Platform.

1.3 Everything that happens on the Solana blockchain is final. We cannot reverse, cancel or refund a confirmed transaction.

2. Key terms

In this document:

• "Token" means a token created through the Platform. Every Token is an SPL Token-2022 token with a maximum supply of 1,000,000,000 (6 decimals); no more can ever be minted, and Buyback & Burn permanently reduces the supply.
• "Launcher" means the person who creates a Token through the Platform.
• "Bonding Curve" means the automated pricing mechanism, operated by Meteora's Dynamic Bonding Curve ("DBC") program, on which a Token trades after launch.
• "Graduation" means the moment the Bonding Curve completes on reaching the graduation threshold (85 SOL held by the curve) and the Token's liquidity migrates to a Meteora DAMM v2 pool (the "Pool").
• "Creator Fee" means the fee, chosen by the Launcher at launch, that is charged on every trade and paid to the person entitled to it under Section 24.
• "Platform Fee" means our fee of 1% of trade value, charged on every trade on the Bonding Curve. After Graduation, our share comes from our locked liquidity position in the Pool instead (see Section 25). We keep no Platform Fee on Buyback & Burn purchases (see Section 22.6).
• "Protocol Share" means the part of each trading fee kept by the liquidity protocol (Meteora).
• "Standard Launch" means a launch in which the Launcher receives the Creator Fee.
• "Nominated Launch" means a launch in which the Launcher names a social media account (the "Nominated Account") on X, TikTok, Instagram, YouTube, Kick or GitHub by its username, and the owner of that account (the "Account Owner") may claim the Creator Fee.
• "Claim Window" means the period of 3 to 21 days, chosen by the Launcher and starting at launch, during which the Account Owner may claim or decline.
• "Fallback" means the permanent destination of the Creator Fee in a Nominated Launch if it is not claimed, is declined, or stops being received. It is either "Buyback & Burn" or "Holder Distributions", and it can switch from one to the other only under the liveness rule in Section 12.5. Fees that go to the Fallback are held for each Token in an account controlled by the Escrow Program (the Token's "Fallback vault").
• "Treasury" means our platform wallet recorded in the Escrow Program. It pays back our share of buyback fees (Section 22.6) and receives the balances we recover under Section 12.6. Only our admin multisig can withdraw from it.
• "Escrow Program" means our on-chain smart contract that controls the Creator Fee in a Nominated Launch.

3. You can lose everything

3.1 Tokens are memecoins. A Token has no utility and no underlying asset. It does not give you any ownership, voting, profit, redemption or other right against us, the Launcher, the Account Owner or anyone else. No one promises that a Token will have any value.

3.2 Most Tokens fail. The price of a Token depends only on what other people are willing to pay for it at a given moment. Prices are driven by attention, sentiment and speculation. They can rise and fall very sharply, often within minutes, and most Tokens end up worth little or nothing.

3.3 You may not be able to sell. Demand for a Token can disappear at any time. If no one wants to buy, you may be unable to sell, or able to sell only at a very low price.

3.4 Anyone can launch a Token. We do not review, audit or approve Tokens before they are launched. A Token's name, symbol, image or description may be false, misleading, offensive, or may imitate a real person, a brand or another Token. Several Tokens may share the same name or symbol. A Token's name, symbol and image are fixed at launch and cannot be changed afterwards, including by us.

3.5 Supply can be concentrated. At launch, the Launcher may make a first buy of up to the amount needed to complete the Bonding Curve. This can give the Launcher a large share of the supply at the lowest prices on the curve. We do not apply anti-bot or anti-sniping measures, so automated traders may also buy large amounts in the first moments after launch. Any large holder can sell at any time, which can cause the price to collapse.

4. How the Bonding Curve works, and what can go wrong

4.1 Price is set by a formula. Before Graduation, a Token trades only against the Bonding Curve. The price is set by a mathematical formula based on how many Tokens have been bought from the curve. Each buy moves the price up, and each sell moves it down.

4.2 Timing matters. People who buy early pay less than people who buy later. If others sell, the price falls back down the curve, and later buyers may lose most of what they paid.

4.3 Displayed figures are not valuations. Any "market cap" or similar figure we display is a calculation (the current price, on the Bonding Curve before Graduation and in the Pool after it, multiplied by the current supply). It is not an appraisal of what the Token is worth, and it may bear little relation to the amount that could actually be realised by selling.

4.4 Large trades move the price. The larger your trade relative to the liquidity on the curve, the more it moves the price against you ("price impact"). Price impact is separate from, and in addition to, the fees in Part 2.

4.5 Parameters are fixed at launch. The curve's settings are written on-chain at launch and cannot be changed afterwards by us or by the Launcher. The Bonding Curve is run by Meteora's program, not by us.

5. Graduation and the Pool

5.1 Most Tokens never graduate. Graduation happens only if enough SOL is traded into the curve to reach the graduation threshold. There is no guarantee that any Token will graduate.

5.2 Graduation is not a sign of quality. It does not mean that we, Meteora or anyone else has reviewed or approved the Token. The price can fall immediately after Graduation.

5.3 Trading may pause during migration. Once the curve completes, the Token's liquidity is moved to the Pool. Anyone may carry out the migration. Meteora's automated migrator normally does it, and we run a backup process that migrates any completed curve Meteora has not. Between the moment the curve completes and the moment migration finishes, the Token may not be tradable. Migration can be delayed by network conditions or third-party failures.

5.4 Locked liquidity does not protect the price. All liquidity migrated at Graduation is locked permanently, so no one (including us and the Launcher) can withdraw it. Locked liquidity can still be traded against, and the price can still fall close to zero.

5.5 Other pools. After Graduation, anyone can add liquidity to the Pool or create other pools for the Token on other venues. Prices can differ between pools. We receive no share of fees from pools that third parties create, and the Creator Fee does not apply to them.

6. Price execution: no slippage limit, front-running and MEV

6.1 Quotes are estimates. The price and amounts shown before you trade are estimates based on the latest information available to the Platform. The actual result depends on the state of the curve or Pool when your transaction is processed.

6.2 No slippage limit. The Platform does not let you set a slippage limit. Your trade may therefore execute at a price much worse than the quote, for example because other trades were processed before yours. High slippage is normal for memecoins, and by trading you accept it.

6.3 Front-running and MEV. On Solana, validators and automated traders may see transactions before they are confirmed and may place their own trades before and after yours (sometimes called "front-running" or "sandwiching") to profit at your expense. Because the Platform does not apply a slippage limit, your trades have no minimum-output protection and may be especially exposed to this. We do not protect you against it.

6.4 Failed or delayed transactions. Transactions can fail, be dropped or be delayed. A failed transaction may still cost you network fees (see Section 26).

7. Smart contracts and the Solana network

7.1 Smart contract risk. The Platform relies on smart contracts: Meteora's DBC and DAMM v2 programs, the SPL Token-2022 program, and our Escrow Program. Any of them may contain errors or vulnerabilities, may be exploited, or may behave in unexpected ways. This could result in loss of Tokens, SOL or fees. A review or audit of a program, if any, does not guarantee that it is free of defects.

7.2 Program upgrades. Meteora controls upgrades to its own programs and may be able to change certain pool settings or pool status. Those changes are outside our control. Administrative functions of our Escrow Program, and the authority to upgrade its code, are held by a multisig with a timelock (see Section 9).

7.3 Network risk. The Solana network may suffer outages, congestion, halts, forks or reorganisations, sudden rises in fees, or changes to its protocol rules (including rent rules). Any of these may prevent or delay trades, claims, Fallback payments and Graduation.

7.4 Token-2022 compatibility. Tokens use the SPL Token-2022 standard. Some wallets, exchanges, analytics tools and other services do not fully support Token-2022 tokens and may display them wrongly or be unable to transfer them.

7.5 Public and permanent records. Transactions, balances and program data on Solana are public and cannot be deleted, including by us.

8. Third parties we rely on

8.1 The Platform depends on services that we do not control, including:

• Meteora, which operates the Bonding Curve and Pool programs;
• the Solana network and its validators;
• Helius, which provides our connection to Solana;
• Privy, which provides embedded wallets and sign-in;
• AWS and our website host, which provide hosting and key management;
• Sentry, which provides error monitoring;
• a sanctions-screening provider and an email provider; and
• the sign-in services of X, TikTok, Instagram, YouTube, Kick and GitHub.

8.2 Any of these services may fail, change their terms, suspend or withdraw their service, or be compromised. If that happens, parts of the Platform may stop working, and we may be unable to restore them quickly or at all.

8.3 Social sign-in. If a social platform changes or withdraws its sign-in service, restricts our access to it, or suspends or deletes an account, the Account Owner may be unable to sign in and claim during the Claim Window. See Section 9.4 on whether Claim Windows are extended.

8.4 Other interfaces. Tokens can be traded through websites, bots, wallets and aggregators that we do not operate. They may show different information and charge their own fees. We are not responsible for them.

8.5 Scams and impersonation. Scammers may create fake websites, fake claim links, fake support accounts and fake Tokens. We never ask for your seed phrase or private key, and we never send direct messages to Account Owners. Claims can only be made by signing in through the official sign-in on https://www.glowlink.fun. A claim link shared by a Launcher is just a link: it gives no rights, and you should check that it points to https://www.glowlink.fun before you use it. The Security and Anti-Phishing Guide explains how to check links and Tokens.

9. Controls we keep, and what they mean for you

9.1 The Platform is not fully decentralised. We keep the following controls:

• Attester key. A key operated by us co-signs every claim and decline after our systems check the sign-in.
• Distributor key. For Holder Distributions, our off-chain systems (the distributor key) compute each round and choose the recipients from public data under the published rules (see Section 13). Each round is public for a day before it can be paid. Anyone can check it during that day, and the guardian can cancel it.
• Keeper. Our automated keeper has the first turn to run each buyback (see Section 14.1). Its only other power is to trigger some of the recoveries in Section 12.6 (dust in a Fallback vault, and SOL sent to our program accounts by mistake), which can only send those amounts to our Treasury.
• Admin multisig. Administrative functions of the Escrow Program are held by a multisig wallet and are subject to a timelock. Only the admin multisig can lift a pause or appoint keys. It can also recover stuck balances (SOL to our Treasury; tokens to a token account it controls), but only in the cases listed in Section 12.6.
• Emergency guardian key. A separate key can act at once to: pause new nomination registrations; pause claims and declines; pause Fallbacks (buybacks and Holder Distributions); revoke the attester key; revoke the distributor key; and cancel a Holder Distribution round that has not been completed. The guardian cannot lift a pause or appoint keys.

9.2 What can go wrong. If the attester key is compromised, or if our sign-in check is wrong or is deceived (for example, because a social account has been taken over), Creator Fees could be paid to the wrong person. If the distributor key is compromised, or our systems make an error that no one notices during a round's public day, a Holder Distribution round could pay the wrong wallets or the wrong amounts. We have safeguards in place, but they may not prevent every loss.

9.3 Pauses. If we pause registrations or claims, Launchers may be unable to create Nominated Launches, and Account Owners may be unable to claim or decline for the length of the pause. If we pause Fallbacks, buybacks, new Holder Distribution rounds and Holder Distribution payments stop for the length of the pause, no liveness switch can be made (Section 12.5), and no Fallback vault can be swept as dust or as abandoned (Section 12.6). Time under the pause never counts toward the periods in those Sections. Fees still reach the Token's Fallback vault during a pause, and an unfinished distribution round cannot time out while Fallbacks are paused.

9.4 Claim Windows. Claim Windows are fixed on-chain at launch. As drafted, they are not extended for pauses, outages or failures of third-party sign-in services.

9.5 Moderation. We may hide a Token from our website, for example after a report of impersonation, involvement of minors, intellectual property infringement or illegal content. We cannot delete Tokens or pools from the blockchain. A hidden Token may still trade elsewhere, but you may be unable to trade it, or see information about it, through our website. Hiding a Token is not a finding of wrongdoing, and continuing to show a Token is not an endorsement.

9.6 Restricting access. We may restrict or suspend your access to the Platform as described in the Terms of Service, including for eligibility or sanctions reasons. Tokens and SOL in your own wallet remain yours, but you may need other tools to reach them.

10. Nominated Launches: the Account Owner may never claim

10.1 What a nomination is. In a Nominated Launch, the Launcher names a social account by its username only. The Account Owner was not asked, is not affiliated with the Token, and did not create or endorse it. We never contact Account Owners. Launchers may share a public claim link, but the Account Owner may never see it.

10.2 A nomination is not an endorsement. The fact that a Token names a well-known person, brand or account tells you nothing about that person's involvement. Do not buy a Token because of whom it names. A claim by the Account Owner is also not an endorsement, and it does not oblige the Account Owner to promote, run, hold or support the Token in any way.

10.3 The Account Owner may never claim. The Account Owner may never learn of the Token, may choose not to claim, may decline, may be unable to sign in, or may be ineligible (for example, because they are under 18, subject to sanctions, or located in a restricted jurisdiction). In each of these cases, the Creator Fee will go to the Fallback (see Section 12).

10.4 The Claim Window is short and starts at launch. The Launcher chooses a Claim Window of 3 to 21 days. It starts when the Token is launched, not when the Account Owner learns of it, and it cannot be changed after launch. A shorter window makes a claim less likely.

10.5 Where the fees are held. While the Claim Window is open, the Creator Fee accrues inside the Meteora pool and is controlled by the Escrow Program, not by a wallet belonging to us.

10.6 The Launcher cannot claim. A Launcher cannot claim the Creator Fee of a Token they launched. Attempting to claim through another person's account, or through an account set up to look like the Nominated Account, is prohibited under the Terms of Service.

10.7 After a claim. A successful claim pays the Creator Fee held so far, and all future Creator Fees for that Token, to the wallet connected at the time of the claim. The payout wallet cannot be changed after a claim. The Account Owner can later choose to "stop receiving". Any fees already owed, including fees earned by the locked liquidity position after Graduation, are paid to the Account Owner first, in the same transaction; after that, all future Creator Fees go permanently to the Fallback. This choice cannot be undone.

10.8 The name stays visible. The Nominated Account's platform and username stay visible on our website after the Claim Window expires or after a decline. The username is also stored permanently on-chain in the nomination record and in program events, and cannot be deleted.

10.9 Do-not-nominate. Account Owners can sign in and block future nominations of their account. This does not affect Tokens that were already launched or records already on-chain. Requests about Tokens already launched, for example on publicity-right or trademark grounds, are handled under the Content & Nomination Policy and the IP and Impersonation Complaints Policy.

10.10 Age. Only people aged 18 or over may claim.

11. Username-only matching

11.1 Matching uses the username only. A nomination is matched to whoever signs in through our official sign-in with the exact username on the named platform during the Claim Window. Matching does not use a permanent account identifier, and we do not verify anyone's real-world identity, verification badge or follower count.

11.2 Usernames can change hands. If a username is renamed, released, recycled, sold or reassigned, the person holding that username on the named platform when they sign in during the Claim Window can claim, even if they are not the person the Launcher had in mind.

11.3 Typing errors are permanent. The Launcher must type the username exactly. We cannot correct a misspelled username, and it cannot be changed after launch. A mistake can only be fixed by launching a new Token, which means paying a new launch fee.

11.4 Each nomination names one platform. The same username on another platform may belong to someone else. Only the named platform counts.

11.5 Compromised accounts. If someone gains control of the Nominated Account, they may be able to claim the Creator Fee.

12. Fallbacks are permanent

12.1 Chosen at launch. In a Nominated Launch, the Launcher chooses the Fallback at launch: Buyback & Burn (the default) or Holder Distributions. Neither the Launcher nor we can change it afterwards. The only exception is the liveness switch in Section 12.5, which applies only when the chosen Fallback has stopped running.

12.2 When the Fallback applies. The Fallback applies if:

• no claim is made before the Claim Window closes;
• the Account Owner declines; or
• the Account Owner chooses to stop receiving after a claim.

12.3 It is permanent. Once the Fallback applies, the Creator Fee held so far and all future Creator Fees for that Token go to the Fallback permanently. A later claim cannot reverse this, and the Platform gives no one (not us, the Launcher or the Account Owner) a way to redirect the fees away from the Fallback. No administrative function of the Escrow Program can send Fallback funds anywhere other than Buyback & Burn or, for Holder Distributions, holders selected under the published rules as described in Sections 9.1 and 13, with two exceptions, both described in Section 12.6: a Fallback vault holding 0.01 SOL or less in which no Fallback has run and no fees have arrived for 30 days, and the Fallback vault of a Token whose Pool has been disabled by its operator and in which no Fallback has run and no fees have arrived for 180 days, may be swept to our Treasury. Tokens sent by mistake to a Fallback vault, and SOL sent by mistake to a Fallback vault before the Fallback applies or while an Account Owner is receiving, are not Fallback funds and may be recovered under Section 12.6(c). Only an upgrade of the program's code could change this, and upgrades are subject to the multisig and timelock described in Sections 7.2 and 9.

12.4 Timing. Fallback payments are processed in batches by automated processes and may be delayed or paused (see Sections 9.3 and 14.3).

12.5 Liveness switch. So that Fallback funds do not stay stuck when the chosen Fallback stops working, the Escrow Program applies a liveness rule. The switch is made through a dedicated function of the Escrow Program that anyone may call once its conditions are met, so it does not depend on us:

• From Holder Distributions to Buyback & Burn. If a Token's Fallback is Holder Distributions, no distribution round has run for 90 days (counted from the end of the Claim Window at the earliest) and none is open, anyone may switch the Token permanently to Buyback & Burn. The 90 days run from the moment the Fallback began to apply or, if later, from the last Fallback action (a buyback, or a distribution round opened, paid or closed).
• From Buyback & Burn to Holder Distributions. If a Token's Fallback is Buyback & Burn, the fees collected into its Fallback vault have reached a batch of 0.1 SOL, and no buyback has followed for 30 days, anyone may switch the Token permanently to Holder Distributions. Because anyone may run a buyback that has been due for 6 hours (Section 14.1), this happens only when buybacks are failing, for example because the Pool's operator disabled the Pool or changed its fee outside the normal range. The first distribution round after the switch covers the period from the switch (Section 13.1).

Time while Fallbacks are paused never counts toward these periods: a period that was running starts again when the pause is lifted. A switch is recorded on-chain and cannot be undone by us, the Launcher or anyone else. The Token keeps the new Fallback for good, unless that Fallback in turn stops running for the period that applies to it, in which case the same rule can switch it again. After a switch, the rules of the new Fallback apply (Sections 13 and 14), and the Creator Fee never goes back to the Account Owner.

12.6 Recovery of stuck balances. So that no balance stays locked for good where no one could otherwise move it, the Escrow Program lets us recover the following balances to our Treasury (or, for tokens, to a token account controlled by our admin multisig):

(a) Dust. If a Token's Fallback vault holds 0.01 SOL or less (not counting its rent-exempt minimum, see Section 24.4), no distribution round is open, and for 30 days no Fallback has run and no new fees have arrived, our admin multisig or our keeper may sweep the whole vault, including its rent-exempt minimum, to our Treasury. Amounts this small are normally too small for our systems to run a buyback or a distribution round (Section 13.1).

(b) Abandoned vaults. Our admin multisig may sweep a Token's whole Fallback vault to our Treasury, subject to the timelock, only if all of the following apply: after Graduation, the Pool's operator has disabled the Pool, so that no buyback can run; no distribution round is open; and for 180 days no Fallback has run and no new fees have arrived. A Token that can still be traded on its Bonding Curve or its Pool is never treated as abandoned. A completed Bonding Curve whose migration to the Pool, or its recording in the Escrow Program, is still pending does not count either, because anyone can complete those steps.

(c) Mistaken transfers. Our admin multisig or our keeper may sweep to our Treasury: SOL sent by mistake to a Token's escrow account (which never holds SOL between transactions); SOL sent by mistake to a Token's Fallback vault while the Token's Creator Fees do not go to the Fallback (while the Claim Window is still open, or while an Account Owner is receiving them), since the vault receives fees only once the Fallback applies; and SOL sent by mistake to our program's records (a Token's nomination record or the Escrow Program's settings account), above the minimum those records need to stay open. Tokens sent by mistake to a token account held by a Token's escrow account, a Token's Fallback vault or our Treasury may be recovered by our admin multisig to a token account it controls. SOL sent to a Fallback vault once the Fallback applies becomes part of that Token's Fallback. Do not send SOL or tokens to our program accounts.

(d) Never recovered. These functions can never take: a liquidity position held for a nominated Token (including the NFT that represents it); the Tokens held by a Buyback & Burn vault (the next buyback burns them); the balance of an open distribution round; or Creator Fees owed to an Account Owner who is receiving them.

While Fallbacks are paused, no Fallback vault can be swept under (a) or (b), and time under the pause never counts toward their periods (a period that was running starts again when the pause is lifted). Mistaken transfers under (c) are not Fallback funds, so a pause does not stop their recovery. Recovered amounts do not return to the Fallback, and we may use them, for example, to run the Platform. They are listed in the Fee Schedule (Sections 20 and 24.5).

13. Holder Distributions are not an investment return

13.1 How they work. If Holder Distributions is the Fallback, the Creator Fee is paid in SOL to eligible holders of the Token in rounds. Distributions never start before the Claim Window ends, even if the Account Owner declines or stops receiving early. The main rules are:

• When a round runs. Our systems normally run a round when at least 0.25 SOL of new fees is waiting in the Token's Fallback vault. If no round has run for 30 days, a round may run once at least 0.05 SOL is waiting, so that smaller balances are still paid out.
• Holding period. Each round covers the period since the previous round ended. The first round covers the period from launch or, if the Account Owner stopped receiving, from the stop. After a liveness switch from Buyback & Burn, the first round covers the period from the switch (Section 12.5). If a round is cancelled, the next round covers its period again.
• Weight. Each eligible holder's share is in proportion to their balance multiplied by the time they held it during the period. Weights are computed from the Token's public transaction history, so a wallet that buys just before a round earns only a share for the time it held.
• Minimum holding. Only wallets that held an average of at least 100,000 Tokens over the period are eligible.
• Exclusions. Some wallets are excluded (see Section 13.3).
• Minimum payout and credits. A holder is paid only if the amount due is at least 0.001 SOL. Smaller amounts carry over as a credit to the same holder in later rounds. So do amounts from rounds or batches that could not be paid, because they timed out, were cancelled, or the recipient could not receive SOL. Credits expire after 90 days and return to the pot shared by eligible holders.
• Publication and payment. Before a round is paid, we publish its dataset (the period, the eligible and excluded wallets, their weights and amounts, and the reason for each exclusion) and record its hash on-chain. The round becomes payable 24 hours later. During that day anyone can check it, and the guardian can cancel it (see Section 9.1). Once a round is payable, anyone may execute its payment.

The full rules and their parameters are published on https://www.glowlink.fun.

13.2 Not a return on investment. Holder Distributions are not dividends, interest, yield, a share of profits or any other return on investment. They are not a reason to buy or hold a Token. They depend entirely on trading activity, which can stop at any time, and they may be very small or zero.

13.3 Eligibility. The following are excluded: pools and vaults; our own accounts and keys; the Launcher and wallets it funded (directly or through one other wallet); listed exchanges; wallets on the sanctions screening list we use (see the Sanctions and Restricted Jurisdictions Notice); and wallets that cannot receive SOL. The share an excluded wallet would have received goes to the other eligible holders; we do not keep it. The reason for each exclusion is published with the round as a reason code. The eligibility rules may exclude any wallet and are applied as published. Our identification of excluded wallets is based on public on-chain data and is best-effort: it may wrongly exclude your wallet or wrongly include another.

13.4 Minimums and errors. Amounts below 0.001 SOL are not paid in a round. They carry over as credit, and a credit that is not paid within 90 days expires, so a holder may never receive a small amount. Eligibility and amounts are calculated by our off-chain systems (the distributor key, see Section 9.1) from public on-chain data, and the payments are then made on-chain. Calculation errors, data errors and delays are possible.

13.5 Dependence on us. Holder Distributions depend on our systems continuing to operate, because only our distributor key can open a round. Once a round is payable, anyone may execute its payment. If we stop operating, or are required to stop offering Holder Distributions, new rounds may stop. The funds do not stay stuck: if no round runs for 90 days, anyone may switch the Token permanently to Buyback & Burn (Section 12.5).

13.6 Regulatory risk. In some jurisdictions, regulators could treat Holder Distributions, or Tokens that offer them, as a security, collective investment scheme or other regulated product.

13.7 Taxes. Receiving a Holder Distribution may be a taxable event (see Section 17).

14. Buyback & Burn does not support the price

14.1 How it works. If Buyback & Burn is the Fallback, the Creator Fee is used to buy the Token on the market (from the Bonding Curve before Graduation, or from the Pool after it). The Tokens bought are burned, which means they are permanently destroyed. The Escrow Program applies these rules to every buyback:

• each buyback uses a batch of 0.01 SOL to 2 SOL (or the whole balance, if less than 0.01 SOL is available);
• buybacks for a Token average at most about 2 SOL per hour, however the batches are split;
• each buy may move the Token's price only about 1% on average across the buy (the price at the end of the buy may be up to about 2% higher);
• the fee actually paid on the trade must be within a normal range; and
• everything bought is burned in the same transaction, so no one ever holds the Tokens bought.

Our automated keeper runs buybacks first, at random times. If a buyback has been due for 6 hours and our keeper has not run it, anyone may run it, so buybacks can continue even if we stop operating. The detailed parameters are published on https://www.glowlink.fun.

14.2 No price guarantee. Buyback & Burn does not guarantee any price, price floor or price support. Buybacks may be small compared with selling by others. The price can fall even while buybacks are happening.

14.3 Fees and other risks. A buyback is a market trade and pays the trading fee of the venue it uses (the Bonding Curve or the Pool). Meteora keeps its Protocol Share, and the creator part of the fee returns to the same Token's Fallback. We keep no Platform Fee on buybacks: we pay our share of the fee back to the Token's Fallback vault in the same transaction (see Section 22.6). After Graduation, any other liquidity providers in the Pool earn their share of a buyback's fee, as on any trade (see Section 25.3). We pay the network fees of the buybacks we run; these are not taken from the Fallback funds. Because buybacks follow published rules, other traders may try to trade around them (see Section 6.3). Once a buyback has been due for 6 hours, whoever runs it chooses the moment, which may be a less favourable price; the limit on price impact still applies. Buybacks may pause if the pool's operator (Meteora) changes the pool's fee outside the normal range, and while the Token is graduating (between the moment the Bonding Curve completes and the end of migration). If the fees collected into the Token's Fallback vault reach a batch of 0.1 SOL and no buyback follows for 30 days, anyone may switch the Token's Fallback permanently to Holder Distributions (Section 12.5). Batches may be delayed. If there is little or no trading, there may be little or nothing to buy back with. Burned Tokens cannot be recovered.

14.4 No commitment. Buyback & Burn is an automated rule set at launch. It is not a commitment by us, the Launcher or anyone else to support the Token.

15. Wallets and keys

15.1 You hold your own keys. We do not hold users' private keys. You are responsible for your wallet, seed phrase, passkeys and devices. If you lose them, or someone else gains access to them, you may lose your Tokens and SOL permanently, and we cannot recover them.

15.2 Embedded wallets. If you use an embedded passkey or email wallet, it is provided by a third party (Privy) under its own terms. You can export your keys. If you lose access to your email account or passkey, or if the provider has an outage, you may be unable to reach your wallet.

15.3 We will never ask for your seed phrase. Anyone who asks for it is attempting to steal from you.

16. No advice and no endorsement

16.1 We are not your broker, adviser, agent or fiduciary. We do not give investment, financial, legal or tax advice, and we do not recommend any Token.

16.2 Information on the Platform, including prices, charts, market caps, holder counts, rankings and amounts of "held" fees, is provided for information only. It may be delayed, incomplete or wrong.

16.3 Showing, listing, ranking or featuring a Token is not a recommendation or an endorsement.

16.4 You should do your own research and, where appropriate, get independent professional advice before using the Platform.

17. Taxes

17.1 Launching, buying, selling, holding or burning Tokens, collecting or claiming Creator Fees, and receiving Holder Distributions may have tax consequences. Claimed Creator Fees and Holder Distributions may be taxable.

17.2 You are solely responsible for working out, reporting and paying any taxes that apply to you. We do not withhold tax on your behalf.

18. Legal and regulatory risk

18.1 Laws are changing. The legal treatment of crypto-assets, memecoins, fee-sharing arrangements and token distributions is uncertain and changing quickly. New laws, regulatory action or court decisions could require us to change, restrict or stop parts of the Platform, block users in certain places, or stop operating. They could also affect the value of Tokens or your ability to use them.

18.2 Eligibility. You must be 18 or older to use the Platform. The Platform is not available to people in sanctioned jurisdictions or on sanctions lists, or to people in [Restricted Jurisdictions]. We use IP-based geoblocking and wallet screening. You must not use a VPN or any other means to get around these restrictions. If screening flags your wallet, we may block trades, claims or other actions through the Platform, and a wallet on the screening list is excluded from Holder Distributions (Section 13.3). The Sanctions and Restricted Jurisdictions Notice explains these checks.

18.3 Rights of others. A Token that uses a person's name, likeness or trade mark may infringe that person's rights. The Launcher bears that risk. We may hide such Tokens from our website when we receive a report.

19. Your acknowledgement

19.1 By launching, buying, selling, claiming, declining or otherwise using the Platform, you confirm that you have read and understood this Risk Disclosure, that you accept the risks it describes, and that you understand it does not list every risk.

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Part 2: Fee Schedule

20. Summary

This table lists every fee you pay when you use the Platform, and the recovered balances we may receive. The sections that follow explain each one.

21. Launch fee

21.1 Amount. Launching a Token costs a launch fee of 0.01 SOL, paid to us in the launch transaction. The Launcher's wallet also pays the network costs of the launch directly to the Solana network: the rent deposits for the Token's mint, its pool and the pool's two vaults (and, for a Nominated Launch, the nomination record), and the transaction fee. At current network rates the total is about 0.018 SOL for a Standard Launch and about 0.020 SOL for a Nominated Launch. The exact amount depends on the length of the Token's name, symbol and metadata address and on the network's rent rates, and is shown before signing. The launch fee is the same whichever creator fee tier you choose.

21.2 Non-refundable. Once the launch transaction is confirmed, neither the launch fee nor the network costs of the launch are refundable. This applies even if the Token never trades, never graduates, is hidden from our website, or contains a mistake (such as a misspelled username). If the launch transaction fails, it is reversed as a whole and the launch fee is not charged, although network fees for the failed attempt may still apply. A launch, including any first buy, is a single transaction.

21.3 First buy. The Launcher may make an optional first buy at launch of up to the amount of SOL needed to complete the Bonding Curve. The first buy is a trade: it pays the trading fees in Section 22. The SOL spent on the first buy is the price of the Tokens bought and is not a fee.

21.4 No part of the launch fee goes to the Launcher or to any Account Owner.

22. Trading fees on the Bonding Curve

22.1 Every buy and every sell on the Bonding Curve pays three components, each calculated on the SOL value of the trade:

• Creator Fee. The Launcher chooses one of four tiers at launch: 0.5%, 1%, 2% or 3%. The tier is fixed for the life of the Token.
• Platform Fee. 1%, paid to us.
• Protocol Share. Meteora keeps 20% of the total trading fee. The total fee is therefore the Creator Fee plus the Platform Fee, divided by 0.8.

22.2 Fees by tier:

22.3 How fees are taken. All trading fees are taken in SOL. On a buy, the fee is deducted from the SOL you pay in; on a sell, it is deducted from the SOL you would otherwise receive.

22.4 Rounding. The on-chain split between Creator Fee and Platform Fee is set in whole percentages of the non-protocol part of the fee, so two tiers are not exact: at the 0.5% tier the creator side receives 0.495% and we receive 1.005%; at the 2% tier the creator side receives 2.01% and we receive 0.99%. The 1% and 3% tiers are exact. The total fee is unaffected.

22.5 [Optional, if the referral rebate is enabled: For trades made through our website, Meteora pays us a referral share of its Protocol Share. This does not change the total fee you pay.]

22.6 Exception: no Platform Fee on buybacks. A Buyback & Burn purchase is a market trade and pays the trading fee of the venue it uses, like any other trade. Meteora keeps its Protocol Share, and the creator part of the fee returns to the same Token's Fallback. We keep no Platform Fee on buybacks. In the same transaction, we pay our share of the fee back to the Token's Fallback vault: on the Bonding Curve, exactly the Platform Fee the buyback paid; after Graduation, 1% of the amount spent. If our Treasury cannot pay at that moment, the amount is recorded as owed and is paid later, either with a later buyback of the same Token or on its own: anyone may trigger that payment on-chain. We also pay the network fees of running Fallbacks (Section 24.3).

23. Worked examples: a 1 SOL trade

23.1 The table below shows the fees on a trade worth 1 SOL on the Bonding Curve. On a buy, "net SOL" is the SOL that goes into the curve to buy Tokens. On a sell, it is the SOL you receive.

23.2 Fees scale in proportion to the size of the trade. For example, a 10 SOL trade pays ten times the amounts shown.

23.3 These examples leave out network fees (Section 26) and price impact and slippage (Sections 4.4 and 6). Price impact and slippage are not fees, but they can reduce what you get from a trade by far more than the fees do.

24. Who receives the Creator Fee

24.1 Standard Launch. The Launcher receives the Creator Fee and can collect it under the Protocol's rules.

24.2 Nominated Launch. The Creator Fee accrues inside the Meteora pool and is controlled by the Escrow Program. Where it goes depends on what happens during and after the Claim Window:

24.3 We take no part of the Creator Fee. The only exception is the recovered balances in Section 24.5 (dust, abandoned Fallback vaults and mistaken transfers). Our Platform Fee is separate and is not affected by whether a nomination is claimed, declined or expires. We keep no Platform Fee on Buyback & Burn purchases: we pay our share of each buyback's trading fee back to the Token's Fallback vault in the same transaction (Section 22.6). We pay the network fees of running Buyback & Burn and Holder Distributions; they are not taken from the Fallback funds. Anyone else who chooses to run a buyback or a distribution payment pays their own network fees.

24.4 Small amounts. Very small amounts may not be transferable until they exceed the minimums set by the Solana network (for example, the rent-exempt minimum for a new account). The first 0.00089 SOL (the network's rent-exempt minimum, currently 890,880 lamports) that reaches a Token's Fallback vault stays in the vault, so it is never used for Buyback & Burn or Holder Distributions. It goes to our Treasury only if the whole vault is swept under Section 24.5.

24.5 Recovered balances. So that no balance stays locked for good, we may receive the following amounts under the rules in Section 12.6 (SOL in our Treasury; tokens in an account controlled by our admin multisig):

• Dust: the whole balance of a Token's Fallback vault (including its rent-exempt minimum) when it holds 0.01 SOL or less, no distribution round is open, and for 30 days no Fallback has run and no new fees have arrived;
• Abandoned vaults: the whole balance of a Token's Fallback vault, only when the Pool's operator has disabled the Pool (so that no buyback can run), no distribution round is open, and for 180 days no Fallback has run and no new fees have arrived; a Token that can still be traded on its Bonding Curve or its Pool is never treated as abandoned; and
• Mistaken transfers: SOL sent by mistake to a Token's escrow account, to our program's records (a Token's nomination record or the Escrow Program's settings account), or to a Token's Fallback vault while the Token's Creator Fees do not go to the Fallback; and tokens sent by mistake to a token account held by a Token's escrow account, a Token's Fallback vault or our Treasury (tokens go to an account controlled by our admin multisig).

Time while Fallbacks are paused never counts toward the periods above. We never receive in this way a liquidity position held for a nominated Token (including the NFT that represents it), the Tokens held by a Buyback & Burn vault, the balance of an open distribution round, or Creator Fees owed to an Account Owner who is receiving them. Recovered amounts are not charged on any trade and are not returned to the Fallback.

25. Fees after Graduation

25.1 Pool fee. After Graduation, trades in the Pool pay a fixed pool fee that depends on the Token's tier:

The pool fee is set in whole basis points, so the 0.5% tier's pool fee is 1.88% rather than 1.875%.

25.2 How the pool fee is shared. The pool fee is shared among the liquidity positions in the Pool in proportion to their liquidity. At Graduation, all migrated liquidity is permanently locked in two positions: one for the creator side (the Launcher in a Standard Launch, or the Escrow Program in a Nominated Launch) and one for us. The creator side holds 33%, 50%, 67% or 75% of this liquidity for the 0.5%, 1%, 2% and 3% tiers, and we hold the rest. Meteora keeps 20% of every pool fee as its protocol share; the other 80% is shared between the positions in proportion to their liquidity.

25.3 Outside liquidity dilutes the locked positions. Anyone can add liquidity to the Pool. Outside liquidity providers earn their share of the pool fee, which reduces the share earned by the locked positions. The total fee paid by traders in the Pool stays the same.

25.4 Same rules for the creator side. Fees earned by the creator-side position follow the same rules as the Creator Fee in Section 24: they go to the Launcher, to the claimant, or to the Fallback, as applicable.

25.5 Other pools. Pools created by third parties set their own fees. We receive nothing from them, and no Creator Fee is charged in them.

25.6 Buybacks in the Pool. A Buyback & Burn purchase in the Pool pays the pool fee like any other trade. We pay back 1% of the amount spent to the Token's Fallback vault in the same transaction (Section 22.6).

26. Network fees

26.1 Transaction fees. Every Solana transaction pays a network fee (a base fee per signature plus any priority fee). It is paid by the wallet that sends the transaction and goes to the network, not to us. A transaction that fails can still cost a network fee.

26.2 Rent deposits. The first time your wallet holds a particular Token, a token account is created for it, which needs a rent deposit in SOL. Token-2022 accounts may need a slightly larger deposit. You can usually recover this deposit by closing the empty account.

26.3 Claiming and declining. Declining a nomination needs no wallet and costs nothing. We pay the network fee for a claim, so claiming costs the Account Owner nothing.

27. What we do not charge for

27.1 We charge no fees other than those in this Fee Schedule. In particular, we charge nothing for:

• signing in;
• claiming, declining or choosing to stop receiving (network fees aside);
• registering on the do-not-nominate list;
• collecting Creator Fees (network fees aside);
• running a Token's Fallback (we pay the network fees of running Buyback & Burn and Holder Distributions, and we keep no Platform Fee on buybacks);
• holding Tokens;
• Graduation or migration to the Pool (the migration fee in our configuration is 0); or
• withdrawals, deposits or subscriptions.

27.2 We add no mark-up or spread to the price you receive from the Bonding Curve or the Pool.

27.3 The only amounts we receive are: the launch fee; the Platform Fee; fees earned by our locked liquidity position after Graduation; the recovered balances described in Section 24.5; [and, if enabled, the referral share described in Section 22.5]. On every Buyback & Burn purchase, we pay our share of the trading fee back to the Token's Fallback vault (Section 22.6).

27.4 Wallets and other third-party interfaces may charge their own fees. This Fee Schedule covers the Platform only.

28. Fees are fixed at launch

28.1 For each Token, the Creator Fee tier, the Platform Fee, the total fee on the Bonding Curve, the pool fee after Graduation and (for a Nominated Launch) the Fallback are written into the Token's on-chain configuration at launch. Neither we nor the Launcher can change them afterwards. This is subject only to Meteora's control over its own programs (see Section 7.2) and, for the Fallback, to the liveness switch in Section 12.5.

29. Changes to this Fee Schedule

29.1 We may change the launch fee, the creator fee tiers available for new launches, and other fees for future launches by publishing an updated Fee Schedule with a new "Last updated" date. Changes do not affect the trading fees of Tokens already launched.

29.2 Fee amounts shown before a transaction are estimates. The amounts actually charged are set by the smart contracts at the time the transaction is processed and may differ slightly because of rounding. The on-chain amount prevails.

30. Contact

30.1 Questions about this document can be sent to [Contact Email]. Legal notices should be sent to [Legal Email].